BY NATHAN GUMA
NATIONAL Social Security Authority (Nssa) and Rainbow Tourism Group (RTG) directors and management executives who met on Monday to deal with the plot to take over the tourism and hospitality giant through manipulation of the company and its share price to knock down its value for the taking, found that RTG bosses are not guilty of money laundering activities as alleged.
RTG executives, including chief executive MacGerald Tendai Madziwanyika (pictured), Napoleon Kudakwashe Mtukwa, Tapiwa Mari, Tichaona Gabriel Hwingwiri, Laurence Dhemba and Shupikai Marware, were recently accused of money laundering over their salaries and gratuities dating back to the Covid-19 era, by a former colleague Paula January who is acting in cahoots with Nssa chairperson Emmanuel Fundira to destabilise the company, crash its share price and buy it cheap.
Nssa is the majority shareholder in the Zimbabwe Stock Exchange listed company with a 91,6% stake.
The RTG managers have been reported to the Zimbabwe Anti-Corruption Commission (Zacc) by Paula January for investigation.
However, after some intense deliberations on Monday, the meeting said RTG executives had done nothing wrong, but seriously took note of The NewsHawks’ exclusive story on the RTG corporate raiding conspiracy.
This was in line with the position already taken by the RTG board chaired by Douglas Hoto, which said its managers were innocent.
Public Service, Labour and Social ministry sources told The NewsHawks the meeting, which included Nssa and RTG board members and senior managers, agreed the Zacc case should be withdrawn as it was clearly part of a dirty scheme to destabilise RTG.
Public Service minister Edgar Moyo says his officials are closely monitoring the scandal.
After the allegations surfaced, the RTG board tasked its Audit and Risk Committee and Human Resources Committee chairpersons to engage Zacc.
The board members met Zacc investigators on 12 March last year where the anti-corruption body presented bank statements of the six executives.
Zacc questioned salary deposits made by the group into the executives’ accounts.
Although RTG questioned how salary deposits could be linked to externalisation, the board conducted an internal audit, reconciling all transactions with payroll records, board approvals and external audit certificates.
The board was satisfied that all payments were authorised and wrote to Zacc on 4 April 2024 informing the body of the results of the internal investigation.
Zacc did not respond.
The letter signed by Hoto highlighted that the board had done investigations and was satisfied that all payments were above board.
The board’s verification exercise included reviewing employment contracts, examining payrolls for the 24-month period (2022-2023), reviewing bank payment instructions from RTG to the banks, referring to a special payroll audit report by an independent Chartered Accountant firm and reviewing associated board resolutions, including those focusing on shortfalls due to a salary freeze during the Covid-19 era.
It also included analysing board resolutions on the financial implications as a result in changes of contracts, including gratuity payments and allowances in the old contracts. In addition, the board also reviewed bank statements provided by Zacc.
Hoto said RTG had taken the matter seriously. He also explained why multiple-deposits were made.
“Additionally, it is crucial for Zacc to consider the contextual challenges faced by RTG during the period under review,” Hoto wrote.
“Notably the company experienced cash-flow challenges, necessitating staggered payments, and underwent a value for money audit by our major customer, the Government of Zimbabwe, leading to delayed debt settlements.
“Furthermore, numerous payroll payments were made outside the monthly salary, accompanying gratuities, bonuses, Covid-related shortfall payments, and motor vehicle allowances.
“In conclusion, the RTG board is pleased to affirm that all payments made to our senior executives were conducted with transparency and integrity.”
